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New Trust Reporting and Filing Rules in Canada

trust filing and reporting rules canada

Last updated: Mar. 28, 2024 
Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for the … Read more

Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim

Independent contractor reviewing tax write-offs in preparation for filing taxes.

Last updated: Feb. 28, 2024 
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means … Read more

How to keep audit-proof mileage logs that lower your taxes

man driving vehicle grey jacket

Last updated: Feb. 13, 2024 
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Feb. 13, 2024 
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

Small Business Tax Preparation [Free Checklists]

Last updated: Feb. 4, 2024  Tax season can be a daunting time for small business owners in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable small business tax preparation checklist that lists all … Read more

Should I use an RRSP or TFSA as a business owner?

Piles of coins depicting money growth rrsp or tfsa

Last updated: Jan. 26, 2024 
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include:  You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible.  You’re extremely focused on the growth of your … Read more

What are the tax deadlines and why should I file on time?

What are the tax deadlines and why should I file on time?

Last updated: Jan. 25, 2024  Take note of the tax filing and payment deadlines for 2024 (2023 tax year) so you don’t end up paying interest or penalties on late filing or payments. Individual tax deadlines Individual tax returns are due April 30, 2024. If you or your spouse or common-law partner carried on a … Read more

Does your incorporated business have a minute book?

minute book binder on desk legal requirement

Last updated: Jan. 10, 2024  Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, … Read more

What is the TFSA Limit for 2024?

TFSA limit 2024 announced woman reviewing account on laptop

Last updated: Jan. 9, 2024 
The Canada Revenue Agency (CRA) has announced the 2024 Tax Free Savings Account (TFSA) contribution limit is $7,000. This is up from the 2023 contribution limit of $6,500. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your … Read more